ITC to invest Rs 1,200 cr in WB

Nov 09, 2006, 06.30 PM IST

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KOLKATTA: Diversified group ITC Ltd has unveiled an investment plan of around Rs 1,200 crore to expand its existing hotel and cigarette business in West Bengal, besides rolling out a fresh food retail chain in the state.

The company disclosed its plans in a presentation to the state government at a high-level meeting here yesterday, in which Principal secretary Industry and Commerce Sabyasachi Sen were present.

ITC chairman Y C Deveswar had met chief minister Buddhadeb Bhattacharjee earlier this year and discussed the company's proposed plans in the state.

Company sources said ITC has lined up around Rs 1,200 crore investment in the next three to five years and submitted a formal proposal in this regard to the state government.

According to the plan, the company was likely to pump in more than Rs 800 crore for the expansion of its hotel ITC Sonar Bangla and ramp up capacity of the cigarette factory at Khidderpore and the Triveni Tissue unit.

The sources said ITC, which has plans to roll out fresh food retail chain, has earmarked an investment of about Rs 300 crore for the food and logistical hub. The company also plans to scale up its infotech business.

The company has also sought 60 acre land for food and logistical hub and another 50 acre for setting up an infotech campus, sources said.

Asked when ITC would begin implementation of the proposed projects, the sources said if the state government gave its approval by the year-end, the company would start implementing them from early next year.

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